Banks profiting from GFC: University of Canberra

A study conducted by the University of Canberra has found that since the global financial crisis that began in mid 2008, big banks in Australia have overcharged customers through bigger profits on mortgages, higher fees and lower savings rates.

"They (Westpac, Commonwealth, NAB and ANZ) have been crying poor throughout the global financial crisis and yet official data shows that they have been misleading, to put it mildly" said Milind Sathye, professor of banking and finance at the University of Canberra. 

During the GFC, banks increased remuneration for management and staff from $14 billion to $16 billion a year and slashed the rates they pay to savers, sometimes by almost half. 

Only term deposits with a minimum balance of $10,000 have a higher rate now. APRA stats show the "total funding cost" across the big four was 4.9 per cent in September, 2008, but that has since fallen to 3.39 per cent in September, 2009.